Reinsurance News
As re/insurers search for yield, risk to credit quality rises: Moody’s
22nd November 2017
Rating agency Moody's Investors Service has commented on regulator EIOPA's findings that insurers and reinsurers are searching for yield in their investment portfolios, but notes that this increases the risk to credit quality. A survey by the European Insurance and Occupational Pensions Authority (EIOPA) found that in recent years re/insurers have ... Read the full article
Claes Lindh to step down from Skuld’s exec management team
22nd November 2017
Provider of marine insurance solutions, Skuld, has announced that Claes Lindh will stand down from the company after ten years of service, effective January 1st, 2018. Lindh, a member of the firm's executive management team, formally steps down at the beginning of January, 2018, but will continue to work on a ... Read the full article
Brexit uncertainty sees North P&I & Sunderland Marine launch Irish insurer
22nd November 2017
North P&I Club and its subsidiary Sunderland Marine have announced plans to establish a subsidiary insurance company in Ireland to ensure passporting rights following the UK's vote to leave the European Union (EU). In a statement, North P&I and Sunderland Marine underlined their reliance on EU passporting rights to insure risks ... Read the full article
State National to provide admitted paper for Canopius
22nd November 2017
Global specialty insurance and reinsurance firm Canopius has signed up with program fronting specialist and Markel subsidiary State National Group, so that it can underwrite specified lines of insurance on admitted paper across the United States. With State National fronting for Canopius, the re/insurer will now be able to offer clients ... Read the full article
Bermuda reinsurers pay out $209bn to U.S. customers since 1997
22nd November 2017
Reinsurers in Bermuda have paid out a stunning $209 billion in losses to U.S. customers since 1997, including around $31 billion for losses from the recent hurricanes, according to data collected by the Bermuda Monetary Authority (BMA). The figure of $208.7 billion paid out to U.S. policyholders and cedants for losses ... Read the full article
Ogden rate Whiplash reforms will reverse UK insurers’ losses
22nd November 2017
After profitability for UK motor insurers was hard hit by the sudden drop in the Ogden discount rate for personal injury claims, the industry is expected to make a recovery with profits moving to break even before strengthening to a strong increase in 2018 following the Whiplash reforms, according to ... Read the full article
Emerging markets to drive re/insurance premium growth over next two years: Swiss Re
22nd November 2017
Global reinsurer Swiss Re is expecting non-life premiums to grow by at least 3% annually over the next two years and life premiums to grow by 4%, with the majority being driven by emerging markets. The reinsurance giant has said that an improved economic outlook is expected to fuel demand for ... Read the full article
Reinsurers should prepare for flood risk market without NFIP in its current form
22nd November 2017
The tens of thousands of homes in the U.S.'s fourth-largest city of Houston that were semi-submerged by Harvey floods highlighted the lack of take-up for flood risk and with the NFIP on shaky grounds with no viable reauthorization bill ready for bipartisan support, industry experts believe its time for the global ... Read the full article
Jerome Jean Haegeli to replace Kurt Karl as Swiss Re’s Chief Economist
21st November 2017
Global reinsurance giant Swiss Re has announced that Jerome Jean Haegeli will replace Kurt Karl as Group Chief Economist at the Swiss Re Institute, effective January 1st, 2018. Karl is retiring at the end of 2017 after 17 years with Swiss Re, which includes six years as Group Chief Economist. Karl discussed ... Read the full article
No new global systemically important insurers (G-SIIs) for 2017: FSB
21st November 2017
The Financial Stability Board (FSB) has decided not to publish a new list of globally systemically important insurers (G-SIIs) for 2017, saying that it welcomes work being undertaken to develop an Activities-Based Approach to systemic risk. The decision not to publish any update to the G-SII list has been taken ... Read the full article
Michael Crowley to retire from Markel Corporation
21st November 2017
Markel Corporation has announced that long-standing Vice Chairman, Michael Crowley, is set to retire on December 31st, 2017 and is to transition to a role as company advisor. Throughout 2018 Crowley will transfer responsibilities and key relationships before moving to company consultant in 2019. Alan Kirshner, the Company's Executive Chairman and Chairman ... Read the full article
Everest Re adopts Xuber for Reinsurers tech platform
21st November 2017
Bermuda-based global reinsurance firm Everest Re has signed up to adopt the Xuber for Reinsurers platform for all of its global reinsurance subsidiaries. The Xuber for Reinsurers platform was developed by Xchanging, a DXC Technology company, and allows reinsurers to digitalise their processes using a single-data-model and end-to-end business processing platform. Everest ... Read the full article
Palomar Specialty expands U.S. Flex Choice earthquake product
21st November 2017
Palomar Specialty has expanded its innovative Flex Choice residential earthquake product that allows customisation of residential earthquake cover to specific needs into Arkansas, Tennessee, Kentucky, Illinois, Indiana, and Utah. Flex Choice offers a variety of coverage alternatives and deductible options for homeowners and is distributed through independent agents and wholesale brokers. "Palomar ... Read the full article
PartnerRe seeks license to write reinsurance onshore in China
21st November 2017
Bermuda-headquartered reinsurance firm PartnerRe is looking to gain more seamless access to business from China, as it seeks a license to underwrite reinsurance onshore in the country. <PartnerRe has been underwriting reinsurance in China, as an offshore reinsurer, for more than 25 years. But the firm recently sent its U.S. arm, ... Read the full article
Schiavone succeeds Guffey as head of Alternative Risk Transfer, Allianz
21st November 2017
Paul Schiavone has been appointed to Global Head of Alternative Risk Transfer (ART) business at Allianz, set to replace Bill Guffey who is leaving the firm. Based in New York, Schiavone will head up ART's tailor-made solutions development for corporate, industrial and financial clients facing unusual or complex risks, including specialty insurance fronting ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
